P.R. Venkat and Eric Yep were first to report that Singapore-based Universal Terminal is considering joining the bandwagon of companies raising funds in the city-state via a $800 million trust listing.

SINGAPORE–A Singapore-based petroleum-storage company, co-owned by a local oil tycoon and China’s largest oil producer PetroChina Co., is looking to raise one billion Singapore dollars (US$800 million), making it the latest firm to jump on the bandwagon in trust-heavy Singapore.

Universal Terminal (S) Pte Ltd., which provides fuel storage services to oil traders, is talking to banks for a potential listing via a business trust, people with knowledge of the deal said. The company is in the process of seeking approval from its shareholders including state-owned PetroChina, which has a 35% stake in Universal Terminal, one person said. The person said that the exact size of the deal and the timing of the initial public offering are yet to be decided.

Singapore-based oil trader Hin Leong Group owns the remaining 65% stake in Universal Terminal, which operates one of the largest independent petroleum-storage facilities in Asia Pacific with a capacity of 2.36 million cubic meters. The terminal was built at a cost of S$750 million and started operations in 2008. It is used by Hin Leong and Petrochina to meet their own storage needs as well as for leasing to third-party traders. PetroChina is the listed unit of China National Petroleum Corp. and is the world’s largest energy company by assets.

The Hin Leong Group, one of the largest oil traders in Singapore with revenues of over $14 billion in 2012, was founded by billionaire Lim Oon Kuin in 1963, and has operations in marine fuel supply, shipping and logistics. In July, Mr. Lim was listed on Forbes as the 14th richest man in Singapore with a net worth of $2 billion.

Universal Terminal and Hin Leong don’t respond to queries.

Write to P.R. Venkat at venkat.pr@wsj.comand Eric Yep at eric.yep@wsj.com

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